Bank of America Preferred Rewards (EXPLAINED)
Bank of America Preferred Rewards program features tiered rewards that offer elevated credit card benefits and banking discounts, determined by your combined account balance over three consecutive month cycles. It determines your status through this formula.
As well as credit card benefits, this tier offers additional perks such as a 10% interest rate boost on Rewards Savings Accounts and discounts on mortgage origination fees for home purchase or refinancing loans.
What is Preferred Rewards?
Bank of America Preferred Rewards is an incentive program that lets you increase credit card points and other rewards. To qualify, you must have at least $20,000 combined balances across eligible checking, savings and Merrill Edge accounts (including IRAs and 529 plans ) within Bank of America Preferred Rewards; meet certain deposit and investment minimums; as well as certain deposit and investment requirements.
Your three-month average combined balance in eligible Bank of America deposit and Merrill Edge investment accounts must reach the threshold for each new tier to move up tiers, and once achieved you’ll stay there for 12 months from either when you initially reach it or until no longer meeting all requirements again – at which time there is a three month grace period before losing it altogether.
As your tier increases, so too will its benefits: from free ATM fees and reduced auto loan and mortgage origination rates to lifestyle events and perks exclusive to higher tiers such as Diamond and Diamond Honors tiers that include travel-oriented benefits.
How do I qualify for Preferred Rewards?
To qualify for Preferred Rewards with Bank of America, you need a checking account that meets minimum balance requirements and links a credit card to it – in order to earn bonus points that come with each status level and reap all its perks! These perks may include:
Joining Preferred Rewards is free, and enrollment can be done through your online banking profile. In order to move up tiers, balances must remain on deposit with Bank of America for at least 12 months; otherwise there’s a three month grace period before being moved down the rankings and losing Preferred Rewards status altogether.
Reaching Gold status requires having at least $20,000 combined across your Bank of America deposit accounts and Merrill investment accounts (excluding retirement or self-directed investments ). You can verify whether you have enough by logging in to your online banking profile.
What are the tiers of Preferred Rewards?
Preferred Rewards is a tiered program from Bank of America and Merrill investment accounts holders that offers benefits and perks. Membership is free to enroll in online banking accounts of Bank of America or Merrill investments; qualifying criteria require maintaining an average daily balance of $20,000 in eligible Bank of America checking/saving accounts/Merrill investments for three months straight as well as owning one of Bank of America credit cards.
Step up to Gold by increasing qualifying balances, and get a rewards boost on eligible Bank of America credit cards as well as higher interest rate on rewards savings accounts and fees waived for standard check orders, cashier’s checks and international wire transfers.
Keep in mind that business credit cards, select co-branded cards and nonrewards cards don’t qualify for this bonus – depending on your spending patterns it could make or break your Bank of America credit card strategy!
What are the benefits of Preferred Rewards?
Bank of America Preferred Rewards is a loyalty program offering bonus credit card rewards and reduced investing and loan fees. Joining is free, with advancement based on average daily balance over three-months across your checking, savings and investment balances at Bank of America as well as Merrill Edge or Merrill Lynch investment balances (non-rewards cards and some co-branded cards do not qualify for rewards boost).
At its core, the program offers the greatest return when you reach its highest tier: Platinum Honors tier offers a 75% boost on credit card earnings. However, even those not reaching this tier can take advantage of other benefits, including increased savings account interest rate and discounts for Merrill Guided Investing services, home equity line of credit rates and auto loans; additionally you will get up to four eligible checking and savings accounts that don’t incur monthly maintenance fees and monthly maintenance fee waivers for eligible accounts.
You can check out the Bank of America for other questions.
You can also meet your all needs about banking with us!
